Global Vaccines Market Size By Technology (Live Attenuated Vaccines, Conjugate Vaccines, Inactivated Vaccines, Toxoid Vaccines, Recombinant Vaccines, Other Vaccines), Disease Indication (Pneumococcal Disease, Influenza, Human Papillomavirus, Meningococcal Disease, Rotavirus, Varicella, Diphtheria, Pertussis and Tetanus {DPT}, Polio, Hepatitis, Measles Mumps and Rubella {MMR}, Other Indicators), and Region - Market Share, Trend Analysis, Competitive Intelligence, Historical Data, and Forecast 2023 - 2030
Market Perspective
The global Vaccine Market was worth around USD 69.96 billion in 2022 and is anticipated to grow to around USD 150.50 billion by 2030 at a CAGR of 10.05% over 2023 - 2030.
The global vaccine market is a vital component of primary healthcare and plays a crucial role in preventing diseases and boosting immunity. By aligning with the natural defense mechanisms of the body, vaccines effectively reduce the risk of disease transmission. The World Health Organization (WHO) recognizes their importance and attributes the saving of 2-3 million lives annually to vaccines that protect against diseases such as tetanus, diphtheria, pertussis, measles, and influenza. Notably, increased public awareness and government investments serve as catalysts, driving market growth. In addition to their established roles, vaccines also strengthen immunity against complex illnesses like HIV, malaria, and tuberculosis, a trend that is expected to fuel market expansion due to the rising prevalence of infectious diseases. The devastating impact of the COVID-19 pandemic, with over 497 million cases worldwide, further emphasizes the urgent need for ongoing vaccine development and deployment.
Key Insights
- Based on technology, the live attenuated vaccines segment held the dominating position with the highest market value in 2022
- Based on disease indication, the pneumococcal disease segment acquired the largest market share in 2022
- Based on region, North America accounted for the largest market share in 2022
Global Collaborative Initiatives Drive Rapid Vaccine Development and Distribution
Global collaboration among organizations, governments, and vaccine producers has emerged as a powerful force to enhance the efficiency of vaccine development and distribution. The World Health Organization's ACT Accelerator, working in tandem with researchers, international health entities, and companies, has played a pivotal role in accelerating responses to the ongoing pandemic. This collective effort aims to streamline processes, ensuring the rapid development and widespread availability of vaccines. Through collaborative initiatives, such as knowledge sharing, resource mobilization, and coordinated research, stakeholders are actively addressing the challenges posed by the global health crisis. The collaborative approach underscores the significance of unity in navigating complex public health challenges and highlights the collective commitment to safeguarding global well-being.
Affordability Challenges Impede Vaccine Adoption in Low-Income Nations
Despite the widespread occurrence of chronic and infectious diseases worldwide, several barriers are preventing the extensive use of essential medical products. One significant obstacle is the high cost associated with each dose of vaccine. International organizations have made efforts to distribute large quantities of vaccines globally, but many regions still lack access due to the expensive price. The updated vaccine price list from the Centers for Disease Control and Prevention (CDC) for 2020 highlights this challenge, with individual doses of Infanrix priced at around USD 30, and the combined Hepatitis A and Hepatitis B vaccines costing approximately USD 100. These high costs create a significant hurdle for progress in the market, particularly in low-income countries where affordability and adoption are crucial concerns. As global efforts continue to promote healthcare equity, it is essential to address the financial accessibility of life-saving vaccines as a top priority.
Recent Development
January 2023: Bharat Biotech has launched its nasal COVID-19 vaccine, Covovax. This vaccine is a single-dose intranasal vaccine that has shown promising results in clinical trials. The vaccine is expected to provide enhanced protection against COVID-19 by targeting the virus at the site of entry - the nose and throat. This launch came as a significant development in the global fight against the pandemic, offering an additional option for vaccination. Bharat Biotech aims to ramp up the production and distribution of Covovax to meet the growing demand for vaccines worldwide.
Segmentation Analysis
Based on technology, the market is segmented into live attenuated vaccines, conjugate vaccines, inactivated vaccines, toxoid vaccines, recombinant vaccines, and other vaccines. In 2022, the live attenuated vaccines segment emerged as the dominating segment in the vaccine market. Live attenuated vaccines are created using weakened forms of live pathogens, which can stimulate a strong immune response without causing the actual disease. Their ability to closely mimic natural infections results in robust and long-lasting immunity. Live attenuated vaccines have a proven track record in protecting against diseases like measles, mumps, rubella, and yellow fever. They require fewer booster shots and have advanced research and production techniques, which makes them safe and accessible for diverse regions.
Based on type, the market is classified into pneumococcal disease, influenza, human papillomavirus, meningococcal disease, rotavirus, varicella, diphtheria, pertussis, and tetanus (DPT), polio, hepatitis, measles mumps and rubella (MMR), and other indicators. The pneumococcal disease segment has become the leading segment in the vaccine market due to several compelling factors. Pneumococcal disease, caused by Streptococcus pneumoniae bacteria, includes severe infections like pneumonia, meningitis, and bacteremia, posing a significant global health threat. The demand for effective preventive measures has surged, driving the prominence of pneumococcal vaccines.
The dominance of the pneumococcal disease segment stems from its wide-ranging impact on various age groups, especially children and the elderly who are most at risk. Pneumococcal infections result in illness, death, and healthcare expenses, prompting healthcare systems and governments to prioritize vaccination for prevention. Overall, the dominance of the pneumococcal disease segment is driven by its increasing occurrences, the availability of effective vaccines, and increasing awareness of preventive healthcare.
North America is the Dominating Region Owing to Advanced Healthcare Infrastructure, Superior Research Capabilities, and Focus on Disease Prevention
North America's strong position in the global vaccines market growth is attributed to advanced healthcare infrastructure, prominent research and development capabilities, and a focus on disease prevention. The region's well-established healthcare systems, leading pharmaceutical companies, and efficient distribution networks facilitate smooth vaccine development, production, and distribution. Disease awareness and government initiatives, like the CDC, further drive vaccine demand and utilization. Economic prosperity ensures widespread affordability and accessibility to vaccines, while effective immunization programs achieve significant coverage. North America's leadership in global health initiatives and collaborations highlights its crucial role in shaping international vaccine strategies. Ongoing developments in the field continue to shape the region's leadership position in the vaccine market growth.
Asia-Pacific Emerges as a Rapidly Expanding Frontier in the Global Market
Asia-Pacific is emerging as the fastest-growing region in the global vaccine market, driven by several key factors. The region's large and diverse population, coupled with rapid economic growth and an expanding middle class, has resulted in a surge in demand for preventive healthcare solutions. Governments in Asia-Pacific are prioritizing robust immunization programs, often supported by international collaborations, to address prevalent diseases and improve overall health outcomes. The rising burden of diseases, outbreaks of infectious diseases, and increasing healthcare awareness have collectively propelled the focus on vaccination efforts. Furthermore, advancements in healthcare infrastructure, combined with easy access to information through digital platforms, have contributed to higher rates of vaccine adoption. This dynamic landscape positions Asia-Pacific as a thriving hub for vaccine development, production, and distribution, firmly establishing it as the fastest-growing market in the global vaccine industry.
Competitive Landscape
- Pfizer Inc.
- Johnson & Johnson
- GlaxoSmithKline plc
- Sanofi
- Merck & Co., Inc.
- Novartis AG
- AstraZeneca plc
- Moderna, Inc.
- Sinovac Biotech Ltd.
- Bharat Biotech International Limited
The global Vaccine Market is segmented as follows:
By Technology
- Live Attenuated Vaccines
- Conjugate Vaccines
- Inactivated Vaccines
- Toxoid Vaccines
- Recombinant Vaccines
- Other Vaccines
By Disease Indication
- Pneumococcal Disease
- Influenza
- Human Papillomavirus
- Meningococcal Disease
- Rotavirus
- Varicella
- Diphtheria
- Pertussis and Tetanus {DPT}
- Polio
- Hepatitis
- Measles Mumps and Rubella {MMR}
- Other Indicators
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- GCC
- South Africa
- North America
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Global Vaccines Market Size By Technology
- August-2023
- 148
- Global
- healthcare-medical-devices-biotechnology
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